(Bloomberg) -- Stocks in Abu Dhabi rallied, leading gains among Middle Eastern markets that are rebounding from last week’s slump over the uncertainty about the spread of omicron virus.

“We are still in the market. We like the region,” specifically the United Arab Emirates and Saudi Arabia, Ali El Adou, head of asset management at Daman Investments in Dubai, said in an interview on Bloomberg TV. “High vaccination rates is an additional point that gives us a bit of calmness to the market.”

• Abu Dhabi’s ADX General rises as much as 3.2% before trimming gains to 1.5% at 11:17 a.m. local time
  • Etisalat +4%; First Abu Dhabi Bank +1.7%; Abu Dhabi Commercial Bank +2.6%
  • READ: UAE Banks Poised to Capture Recovery in Asset Growth, Spreads
• Saudi stocks also rise, with the Tadawul All Share Index gaining 1%
  • Al Rajhi Bank +0.9%; Saudi National Bank +0.8%; Sabic +1.5%

Market snapshot as of 11:22 a.m. in Dubai:  

• Dubai Financial Market General Index rises 0.1%
• Kuwait’s Premier Market index rises 0.5%
• Qatar’s QE Index drops 0.1%

Top EM Stories:

• The United Arab Emirates’ national security adviser Sheikh Tahnoon bin Zayed Al Nahyan is expected to visit Tehran on Monday to discuss bilateral and regional issues with high-ranking Iranian authorities
• Iran didn’t show seriousness in the latest talks to rejoin a 2015 accord restraining its nuclear program, and the U.S. is preparing for a scenario where restoring the deal won’t be possible, a senior U.S. official said
• French President Emmanuel Macron on Saturday announced a joint initiative with Saudi Arabia aimed at solving a diplomatic row between several Gulf states and Lebanon

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